No, Corporate Greed Is Not to Blame for High Gas Prices

No, Corporate Greed Is Not to Blame for High Gas Prices

Jeff Luse wrote in National Review that gas prices are not because of corporate greed.

“Energy prices are surging across the country. Nationwide last week, the average cost of a gallon of gas reached a record $5, according to AAA. This May, Americans spent $100 per month more on gas than they did last May. 

Progressives in Congress have blamed these budget-busting energy prices on, you guessed it, corporate greed, with some members going so far as to say: ‘Big Oil is price gouging families because they can.’ In the White House, President Biden has also blamed the Big Oil bogeyman, saying that Exxon is making more money than God, and that ‘refinery profit margins well above normal being passed directly onto American families are not acceptable.’

Never mind the fact that the Federal Trade Commission has investigated price gouging and illegal conduct within the energy industry and come up empty; the Democrats’ statements reflect a fundamental misreading of the nature of energy markets. The high prices we’re seeing at the pump are a result not of corporate greed, but of changes in global supply and demand.”

Read the full article here.

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